See Hup Seng in talks to invest in mini hydropower plant developer

See Hup Seng's group chief executive Henry Ng. The engineering and corrosion prevention services group said it is in talks to acquire a stake in a developer of mini hydropower plants in Indonesia. -- PHOTO: ST FILE

By Fiona Chan

SINGAPORE - See Hup Seng, an engineering and corrosion prevention services group, said on Tuesday it is in talks to acquire a stake in a developer of mini hydropower plants in Indonesia.

It is looking at paying US$8 million (S$9.9 million) for new shares in Aenergy Holdings Company, a wholly-owned subsidiary of mainboard-listed ISDN Holdings. This would amount to a 25 per cent stake in the enlarged share capital of Aenergy.

Aenergy would use the proceeds from the investment to develop mini hydropower projects in Indonesia, See Hup Seng said.

The Singapore-listed group would in turn gain a strategic exposure to Indonesia's growing renewable energy sector, particularly hydropower. Aenergy is currently developing mini hydropower projects in Indonesia with a combined installed base capacity of approximately 53 megawatts.